Getting Great Results From Your Next Board Member
A Board Search Firm’s Take on Getting Great Results From Your Next Board Member.
So one of your current directors/advisors wants to move on or you want to expand and is time to add a new board member. Typically the first thought is, “who do I know that would be a good addition to the current board”. In this case, your first thought might not be your best.
You need to think about the issues facing the company and how you can fill the gaps in the current board and senior management team. Some key considerations in selecting the best director and realizing the greatest results are:
1. Look to the future: Where does the company need to be 2-4 years from now and what are the challenges getting there? The next board member should have experience successfully facing these same challenges if your current team does not.
2. Today’s big rock(s): If there are one or more big issues holding the company back (like shrinking market share/revenue or bank loan covenant violations, etc.) then a strong consideration for the next director is the expertise they have overcoming these obstacles.
3. Go outside your comfort zone. To get the most value out of your next director, go outside your circle of influence. Your accountant, lawyer, friends, relatives are not able to give you truly unbiased opinions and assessments of your company’s challenges and are unlikely to have the experience set needed to deal with those challenges.
The most effective way to to zero in on the profile of your next board member and recruit a number of qualified candidates that fit that profile is by engaging a board recruitment firm. The value brought to your organization is worth the investment.